Why AMC Networks (AMCX) Shares Are Shooting Higher Today - AMC Networks (NASDAQ:AMCX)

AMC Networks Inc AMCX reported first-quarter revenue growth of 0.7% to $717.45 million, beating the consensus of $696.67 million.
Domestic Operations revenue grew 1% Y/Y to $611.85 million. International and other revenue fell 1.6% Y/Y to $108.07 million.
Non-GAAP EPS of $2.62 beat the consensus of $1.87.
Adjusted operating income improved by 2.2% Y/Y to $215.76 million.
AMC Networks used $(144.02) million in free cash flow.
Chief Executive Officer Kristin Dolan said: "AMC Networks has always been known for great content that breaks through in popular culture, receives critical acclaim, and engages fans. In an environment of shifting consumption, we are committed to making our content available across the entire distribution ecosystem."
"While we reevaluate the pathways to content monetization, we are strategically reducing costs and streamlining our organization," Dolan added.
Price Action: AMCX shares traded higher by 13% at $17.26 on the last check Tuesday.

Why AMC Networks Shares Are Shooting Higher Today